Informed banking sources told "Al-Makzariya" that the options available to the Central Bank of Lebanon to curb the rise in the dollar exchange rate are becoming limited. However, Central Bank Governor Riad Salameh may succeed in achieving monetary stability, even at high levels of the dollar exchange rate, through the circulars he might issue or the statements and decisions he takes.
The sources confirm that Salameh's actions may involve the "Sayrafa" platform and circulars 158 and 161, as well as further draining Lebanese pounds to reduce reliance on the dollar and to prevent speculation or reduce it as much as possible to achieve profits. This is in preparation for the implementation of the new official price of 15,000 Lebanese pounds for the dollar starting February 1.
These sources do not hide that the Central Bank's board meeting last Monday thoroughly examined the implications of the continued rise in the exchange rate and how to address it, especially as the dollar approached 50,000 Lebanese pounds. They also discussed the implications of the decision to raise the official exchange rate to 15,000 pounds, particularly regarding circulars 158 and 161, and the necessity to change the exchange rate, either based on 8,000 or 12,000 pounds, while the price is currently 38,000 on the platform and 50,000 on the parallel market.
However, they emphasize that all the measures being taken by the Central Bank remain limited in effectiveness and unable to curb the rise of the dollar, as long as political tensions continue and a new president has not been elected, nor a new government formed to undertake the necessary reforms and resume negotiations with the International Monetary Fund, which is considered the only gateway for Lebanon to re-enter the international community and donor countries.
